Australia May Become World's Top LNG Producer by 2017: Minister

Australia can potentially become the world's largest liquefied natural gas (LNG) producer by 2017 if the nation's pipeline capacity continues to expand, Federal Resources Minister Martin Ferguson said on Monday.

Addressing an Australian Pipeline Industry Association conference in Brisbane, Ferguson said that Australia had accelerated the development of its ample gas resources to cater to the need for natural gas both domestically and internationally.

"Our burgeoning liquefied natural gas sector has consequently become a key factor in maintaining a very healthy national trade ledger," he said.

Ferguson said Australia exported 20 million tonnes of LNG worth 10.4 billion AU dollars (10.62 billion U.S. dollars) in 2010/11.

"We are now the third-largest LNG exporter in the Asia-Pacific region and the fourth largest in the world," Ferguson told the conference.

"Our exports are forecast to grow by a further 19 percent in 2012-13 as production from Western Australia's Pluto facility ramps up."

According to the minister, Australia now has more than 24 million tonnes of LNG export capacity.

"Australia also has more than 60 million tonnes of additional LNG export capacity under construction through 13 projects worth a total of about 176 billion AU dollars (179.81 billion U.S. dollars) ," Ferguson said.

"Based on these proposed and committed projects, our capacity could quadruple by 2017, potentially making us the world's largest LNG producer," he said.